Home Sharing: What you need to know
“Let’s put our house on VRBO!” seems to be a common phrase these days. Or maybe it is “I only use my house part of the time the rest of the time I put it on Airbnb”. This is a great idea, as long as insurance covers you right? What most people don’t realize is there could be gaps in your current policy that do not provide coverage for these specific situations.
The great news is the Insurance companies, and industry in general, is starting to adapt to this way of thinking! They are now creating policies specifically for these types of rentals. Again, this is great news as long as your insurance agent knows you are renting your home out. As much as they would like to be, insurance agents are not mind readers. They will never know if you are renting your house out until you tell them or worse, something happens and a claim is filed.
Make sure to check with your agent if you are interested in renting your house out for any period of time.